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August 10, 2020 Comments Off on Texas Economy Expected to Shrink in 2020, Recover Next Year Views: 800 Texas News, Top Texas

Texas Economy Expected to Shrink in 2020, Recover Next Year

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Texas’ real gross product is expected to decline by 5.12% this year on a year-over-year basis, with 6.11% expansion in 2021, the Perryman Group reported. Conversely, though, next year’s employment gains are expected to fall short of making up for the job cuts that have occurred as a result of the COVID-19 pandemic.

Employment is projected to decrease 5.42% through 2020, with recovery of 4.13% next year, the Waco-based research and analysis firm reported. Although current estimates of Texas losses for 2020 are slightly lower than the Perryman Group’s projections last quarter, “the rate of recovery next year is also likely to be slower than expected last quarter.”

On an absolute basis, the Houston metro area is expected to see the deepest job losses this year with 148,657 positions eliminated, a 4.57% decline. El Paso is expected to post this year’s biggest employment decline on a percentage basis, at 5.69%.

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